Mahanadi Coalfields Ltd.

This section provides an overview of the industry context, primarily drawing information from the CRISIL Report on the Indian Coal Mining Industry. It details various macroeconomic and sectoral data points related to India's economy, including its position among major world economies and projections for future growth. The text covers aspects of the industrial sector, such as manufacturing and mining, highlighting trends in Gross Value Added (GVA) growth and the role of coal in supporting these industries. Furthermore, it discusses infrastructure development, the performance of the services sector, and the impact of various government policies on economic activity.

The mining and quarrying sector is vital to India's industrial structure, providing essential raw materials and energy inputs for manufacturing, construction, and power sectors. The sector's Gross Value Added (GVA) is estimated to reach ₹3.37 trillion in Fiscal 2026, representing about 2.0% of India's total GVA. Macroeconomic indicators show that retail inflation has moderated significantly, and the Index of Industrial Production has shown sustained momentum anchored by expansions in basic metals and capital goods. Furthermore, India's electricity demand is growing rapidly, driven by urbanization and industrialization, positioning it as a major global electricity consumer.

The mining and quarrying sector is a vital primary industry that supplies raw materials to core sectors like power, steel, cement, and aluminium, with coal mining being the dominant component. The sector's contribution to India's Gross Value Added (GVA) has stabilized, although the percentage share has moderated due to faster growth in secondary and tertiary sectors. The mining sector is strategically important as it ensures national energy security by providing critical materials, and expanding domestic capacity helps reduce reliance on imported coal. Furthermore, the production of iron ore, limestone, and bauxite supports the growth of the manufacturing and construction sectors.

The text details various aspects of the Indian coal sector, including mining methods, regulatory frameworks, market structure, and market dynamics. It describes the difference between opencast and underground mining, the regulatory changes in the coal sector, the role of various laws and policies, and the market structure involving public and private players. Furthermore, it outlines the various channels for coal sales and the factors influencing pricing, such as notified prices and market dynamics.

This section details the global distribution of total energy supply among major economies, showing significant shifts in share between 2015 and 2025. It then outlines three structural megatrends driving India's energy demand, including aggressive infrastructure development, the electrification of transport and digital infrastructure, and latent residential demand. Furthermore, it projects a massive expansion in India's electrical energy requirements over the medium and long term, indicating a reliance on thermal power to meet future demand.

India's coal consumption is expected to grow due to expanding energy needs, driven by industrial growth and urbanization, which necessitates a persistent reliance on coal as a primary energy source. The power sector is the main driver of domestic coal consumption, accounting for approximately 72% of coal usage in fiscal 2025. Beyond electricity generation, coal is crucial for heavy industries like steel, Direct Reduced Iron (DRI), sponge iron, cement, paper, and brick manufacturing. Furthermore, the share of coal in India's energy mix is projected to decline as renewable energy sources gain traction and the government aims for a low-carbon economy.

The section details the structure of India's power sector, highlighting the continued dominance of coal-fired thermal power plants despite the growth of renewable energy. It provides statistics on coal production, demand trends, and the reliance of various industries on coal. Key aspects include the high reliance of industrial sectors like Iron & Steel and Aluminium on coal for captive power generation, the structure of domestic coal supply from public sector undertakings and private mining, and the government's efforts to enhance domestic coal self-sufficiency.

The section details the production and market dynamics of raw coal in India, including production trends, state-wise distribution, and the structure of the Indian coal industry. It highlights that India produced approximately 1048 MT of raw coal in Fiscal 2025, with projections indicating continued growth. The analysis covers the supply-demand gap, noting that while supply is increasing, it lags behind demand, with the gap expected to narrow by fiscal 2031. Furthermore, the text discusses the structural reliance on coal imports due to geographical and technical mismatches across various industrial sectors.

The section discusses various trends in the coal import market, noting that government import substitution measures have successfully reduced coal imports for blending in domestic power plants. It highlights the continued reliance of the Non-Regulated Sector on imported coal for various industries, while coking coal imports showed limited decline, indicating a structural dependence on imported metallurgical coal. The text also details the robust nature of India's logistics infrastructure, driven by public capital expenditure, and outlines several challenges within the mineral logistics sector, such as high transportation costs and infrastructure bottlenecks. Furthermore, it covers market drivers like economic expansion, rising electricity demand, and the reliance of core manufacturing sectors on captive power.

The section discusses the strategic relevance and longevity of coal in India's energy mix, highlighting the structural disparity between solid fuels and liquid/gaseous hydrocarbons. Coal is identified as the cornerstone of India's energy security, supplying most primary energy needs and over 70% of electricity generation, and is critical for industries like steel, cement, and captive power. Furthermore, the text details the increased domestic coal production and the necessity of imports, particularly non-coking coal, which is largely sourced from various international nations. The focus is on government efforts to enhance indigenous coal availability and the role of coal washing and beneficiation in improving the quality of domestic coal to substitute imports.

The text discusses the expected sustained growth in demand for domestic washed non-coking coal due to government initiatives aimed at import substitution, which creates opportunities for coal beneficiation facilities. These initiatives focus on enhancing domestic coal production, improving coal quality, and strengthening the supply chain. The text details the role of coal washing and beneficiation in improving coal quality for various industrial consumers. It also profiles Mahanadi Coalfields Limited (MCL), highlighting its position as a major coal producer and subsidiary of Coal India Limited (CIL), operating in key coalfields in Odisha.

MCL is a key player in the non-coking coal sector, contributing significantly to India's coal production. The company employs a robust fleet of Heavy Earth Moving Machinery and has pioneered blast-free technology for opencast mining. MCL is focused on achieving global standing in the primary energy sector while ensuring environmental and social sustainability. The company operates through several joint ventures and subsidiaries, including entities for power plant setup and coal block development. Furthermore, MCL has demonstrated strong financial performance, including robust revenue and profitability, and has made strides in transitioning towards a diversified energy conglomerate.

MCL demonstrates significant growth in its dispatch volume, with projected Compound Annual Growth Rate (CAGR) of approximately 11.7% between Fiscal 2022 and 2026, driven by sustained demand from power generation and industrial consumers. The company benefits from its strategic location in Odisha, which provides advantages in logistics and supply reliability. MCL has strengthened its infrastructure, including First Mile Connectivity (FMC) dispatch, and has developed a robust, debt-free financial position. Key strengths include a substantial resource base, market-leading production, and an integrated digital ecosystem for enhanced transparency.

The issuer, MCL, maintains a strong quality assurance infrastructure through nine NABL-accredited laboratories, standardized testing, and regular audits to ensure reliable coal quality assessment. Key operational aspects include advanced sampling automation to enhance accuracy and transparency, and operations are governed by an integrated management system certified to ISO standards. The company operates various coal mines, with production dominated by Talcher Coalfield operations, and utilizes beneficiation infrastructure to improve coal quality for power generation. Furthermore, MCL is focused on future capacity expansion and leverages its position as a volume driver in the domestic coal market.

The section details various aspects of the issuer's operations, including new business ventures, renewable energy assets, and infrastructure commitments. This includes plans for coal beneficiation operations to supply higher-grade washed coal, a portfolio of renewable energy assets like solar plants, and significant investments in evacuation infrastructure such as rail corridors, dedicated coal corridors, and various silo and CHP/RLS facilities. Furthermore, the text mentions social and community infrastructure projects.

Mahanadi Coalfields Limited (MCL) is the largest coal-producing company in India and the biggest subsidiary of Coal India Limited, having produced and dispatched significant quantities of coal in Fiscal 2026. Its operational strength lies in using blast-free technology, such as surface miners, to extract coal, which delivers selectively mined and correctly sized coal. MCL benefits from a large reserve base concentrated in Odisha, allowing it to maintain high output year after year. The company ensures supply reliability through robust infrastructure and quality assurance mechanisms, and it plays a critical role in meeting the non-coking coal requirements of the Indian power sector.

The Indian coal industry is highly fragmented, with Coal India Limited (CIL) holding 73.8% of domestic coal production in Fiscal 2026, although competition is increasing. Mahanadi Coalfields Limited (MCL) is the largest coal-producing company in India and the biggest subsidiary of CIL, primarily operating in the non-coking coal segment. MCL's key peers include other public and private sector coal producers, as well as companies involved in captive and commercial mining. Global coal production is estimated to reach 9,111 MT in CY 2025, with non-coking coal accounting for 88% of the world output, heavily concentrated in the Asia Pacific region.

This section provides various operational and financial benchmarks for the issuer and its peers, covering liquidity, capital expenditure, net worth, earnings, working capital efficiency, production, sales, and resource base. Key findings highlight the issuer's dominance in production volume and resource base, alongside comparisons with domestic and international competitors across these metrics.

Mahanadi Coalfields Limited (MCL) operates in a key segment of India's coal industry, focusing on large-scale opencast production of non-coking coal for power utilities and industrial consumers. MCL shows superior operational productivity, producing approximately 2.4 times more coal per employee manshift than the average of Coal India Limited (CIL). Benchmarking against peers reveals MCL as a high-volume non-coking coal producer, with key considerations including production scale, cost structure, customer mix, operational productivity, and rail-based evacuation infrastructure. Financial analysis shows MCL reported the highest revenue from operations among CIL subsidiaries, though its revenue experienced a decline. Furthermore, MCL maintained a competitive advantage in terms of low cost of production and strong profitability metrics compared to its peers.

The issuer is the largest coal producer in India by production in Fiscal 2026, with a total coal production of 218.31 million tonnes, representing about 22.40% of India's total non-coking coal production. The company produces various grades of non-coking coal, including washed/beneficiated coal, catering to the power utilities sector, cement, and sponge iron industries. The company is a wholly owned subsidiary of Coal India Limited and received Miniratna Category I status in December 2019. Operations involve advance overburden removal, the use of surface miners to reduce ground impact, and various mining projects. The company holds significant land holdings in the Talcher and Ib Valley coalfields in Odisha, and its production has shown a Compound Annual Growth Rate (CAGR) of 4.70% from Fiscal 2016 to Fiscal 2026.

The company operates a network of 17 operational mines, including 14 opencast and 3 underground mines, producing various grades of non-coking coal primarily for the power sector, sponge iron, steel, cement, aluminium, and paper industries. The company operates the Ib Valley Coal Washery, which has a capacity of 10 million tonnes per annum to produce washed coal for high-efficiency power stations. The company benefits from extensive infrastructure, including rail connectivity and ports for efficient coal evacuation. Furthermore, the company's operations are supported by the strategic backing of Coal India Limited, the largest coal producing company globally, which provides access to advanced technologies and skilled professionals.

The company leverages a favorable transportation network, including railways, highways, dedicated road corridors, and five ports, to ensure efficient and timely evacuation of coal, which is crucial for industries like thermal power generation and steel manufacturing. The reliance on rail has increased significantly, with railways accounting for a majority of the volume in recent fiscal periods. The company benefits from tapping into local labor markets and established supply chains, optimizing operations and reducing overhead. The company is well-positioned to capitalize on India's robust, long-term non-coking coal demand, supported by vast resources and developed infrastructure. The customer base is geographically diversified across various Indian states, with a significant portion of revenue coming from the home state.

The company has an experienced board and management team with expertise spanning mining, engineering, administration, and corporate governance, with many having deep experience in the mining industry and regulatory compliance. The Board includes nominees from the Ministry of Coal and Coal India Limited. The company maintains a large workforce, with 20,473 employees as of June 30, 2026. Key strategies include enhancing production capacity through expansion of existing and new mining projects, increasing the product portfolio by adding coal beneficiation capacity, expanding coal evacuation infrastructure, diversifying into new business verticals like coal gasification and renewable energy, and prioritizing community engagement through CSR programs. Furthermore, the company is focused on environmental sustainability through land reclamation and repurposing discontinued mines for community and environmental benefit.

This section details various aspects related to the company's coal resources, including classifications (Inferred, Indicated, Measured, Coal Reserves), the scope of their operations, and regulatory requirements. It outlines criteria for classifying coal resources based on the reasonable prospects for eventual economic extraction, the different levels of confidence in resource estimates, and the process for converting resources into reserves. Furthermore, it provides data on the number of operational mines, the locations of central facilities, and future targets for environmental clearance and forest clearance capacity.

The company obtains necessary approvals, permits, and licenses from various State Pollution Control Boards and the Coal Controller Organisation for its operations. The company manages land holdings for coal mines through various acquisition methods, including vesting under the Coal Bearing Areas Act, 1957, and leasing from the State Government. The company adheres to Odisha R&R Policies (ORRP) for rehabilitation and resettlement, offering benefits beyond the RFCTLARR Act, 2013, including employment, cash compensation, or cooperative participation for displaced families. The company follows a systematic tendering process for procuring heavy earth-moving machinery based on mine-specific requirements, capacity, fuel efficiency, and life cycle cost analysis. Infrastructure includes developing railway sidings for bulk transportation and equipping coal handling plants with modern sizing capabilities and loading equipment. Coal extraction involves both opencast mining, which uses shovel & dumper combinations, and underground mining, which employs board and pillar techniques. Coal conveying methods include railway wagons, road transport, and conveyor belts, and coal processing involves crushing and washing to upgrade coal quality.

The company's coal dispatch primarily utilizes rail and road transportation routes, with the reliance on railways increasing over time. The company has seen steady growth in its dispatch through ports, with Paradip Port being a primary sea evacuation gateway. Coal sales are facilitated through various mechanisms, including Fuel Supply Agreements (FSAs), e-auctions, and sales to micro, small-scale industries, as well as supplies under various linkage auction policies. The company is also investing in renewable energy projects and has entered into joint ventures for coal-to-ammonium nitrate production.

The issuer details its contractual expenses with various vendors, showing significant amounts in both fiscal years, with DBL Siarmal Coal Mines Private limited and Kalinga Commercial Corporation Ltd being major contributors. The company serves a diverse range of industries, including the power sector, captive power plants, sponge iron and steel, cement, aluminium, and paper and pulp industries, by supplying coal. The company emphasizes its commitment to environmental sustainability through various initiatives, including impact assessments, pollution monitoring, ecological restoration, and the adoption of energy-efficient technologies. Furthermore, the issuer invests in Research and Development to advance mining techniques and participates in R&D projects funded by the MoC and Coal India Limited. Health and safety is managed by adhering to various regulations and implementing risk assessment and training programs.

The company offers various surveillance and monitoring services, including closed-circuit television surveillance for vulnerable locations, real-time health monitoring for surface miners, and drone surveys of acquired land. They also provide AI-based search portals and virtual reality simulations for safety training. The company has received industry awards and has a significant workforce, including permanent employees and contract laborers. The company operates within a highly regulated environment concerning land acquisition and mining rights in India.

This section details various Indian laws and regulations that may apply to the company's operations, primarily focusing on safety, environmental compliance, and labour standards. It covers regulations concerning mines, petroleum products, hazardous waste, and various labour codes. Furthermore, it outlines requirements related to obtaining clearances for mining activities, the processing of environmental impacts, and compliance with digital data protection laws.

This section primarily details the various legal frameworks governing business operations in India, including taxation laws such as the Income Tax Act and Goods and Services Tax (GST), and regulations concerning the import and export of goods under the Customs Act. It also outlines requirements for obtaining approvals from local authorities for setting up mining units, including planning approvals and consents from pollution control boards and electricity boards. Furthermore, the company is subject to various laws related to corporate governance and market conduct after listing, such as SEBI regulations concerning insider trading, takeovers, and fraudulent practices.

The company, formerly known as Mahanadi Coalfields Limited, was incorporated in Odisha in 1992 and later converted to a public limited company. The company's Memorandum of Association outlines various business activities related to coal mining, mineral processing, and energy generation. Over the last decade, the company has undergone several amendments to its share capital structure. The company has four subsidiaries, including Mahanadi Coal Railway Limited, Mahanadi Basin Power Limited, MJSJ Coal Limited, and MNH Shakti Limited.

This section details the shareholding pattern of MJSJ Coal Limited, showing that Mahanadi Coalfields Limited holds the majority stake. It also provides corporate information for MNH Shakti Limited, including its incorporation details and nature of business, which involves prospecting and operating coal and lignite mine blocks. The capital structure of MNH Shakti Limited is also disclosed, along with its shareholding structure. Furthermore, the section confirms that the company has no joint ventures or associates, and clarifies the absence of conflicts of interest related to third parties and business interests between the company and its subsidiaries.

This section provides various definitions and abbreviations used within the Draft Red Herring Prospectus. It defines terms related to the company, such as the legal name and registered office. It also outlines various terms concerning the offer process, including different types of investors, bid amounts, and the roles of various intermediaries. Key definitions cover aspects of the offer procedure and the parties involved in the sale of equity shares.

This section details various terms related to the issuance process, including designated locations for bidder submissions, the draft prospectus filing date, and various types of bidders. It specifies different categories of bidders such as Eligible Employees, Eligible FPIs, Eligible NRI(s), and Eligible Shareholders, along with different reservation portions of the offer. It also outlines various financial and procedural terms like the Offer, Offer Price, and the process for finalizing the price. Furthermore, it defines various technical and industry-related abbreviations.

This section primarily lists various technical and financial terms used in the prospectus, including mining-related terms like different types of opencast projects and various financial metrics. It defines terms such as various coal projects (e.g., Jagannath OCP, Kaniha OCP), various indices (e.g., LPI, NCI), financial concepts (e.g., EBITDA, PAT, CAGR), and accounting standards (e.g., Indian GAAP, IFRS). It also defines various legal and regulatory terms pertinent to corporate and financial reporting.

This section outlines various conventions regarding the presentation of data, time, and currency within the Draft Red Herring Prospectus. It specifies that financial information is derived from restated consolidated financial statements, and details how discrepancies in figures are handled through rounding. Furthermore, it addresses the differences between various accounting standards (Ind AS, Indian GAAP, U.S. GAAP, IFRS) and the lack of reconciliation between them. The text also covers the use of non-GAAP financial measures, the presentation of currency units, and the reliance on third-party industry reports for market data.

This section details the structure of the equity share offer, outlining various portions such as Employee Reservation, Shareholder Reservation, and Net Offer. The offer involves the sale of equity shares with a face value of ₹2 each, aggregating to a certain amount. The Net Offer is further broken down into QIB and Non-Institutional portions, with specific allocations reserved for different investor categories like Mutual Funds, Life Insurance Companies, and Pension Funds. The text also specifies the pre and post-offer equity share counts and details regarding the use of net proceeds.

This section details the summary of profit and loss statements, cash flows, and contingent liabilities for the company over various periods. The financial statements show fluctuations in revenue, income, expenses, and profit before tax, with corresponding profit for the period. The contingent liabilities section summarizes various liabilities, including taxes, royalties, and litigation claims, noting that the company has made provisions based on its review of pending legal matters.

The section directs readers to another part of the document for further details regarding contingent liabilities, referencing Ind AS 37. It also provides figures showing that the company's total contingent liabilities represented various percentages of its Net Worth at different points in time. The text cautions that these contingent liabilities have not been accounted for in the financial statements and could potentially have a material adverse effect on the company's financial condition, operating results, and cash flows if they materialize.

This section details the authorized and issued share capital of the company as of the Draft Red Herring Prospectus date, including the structure of the offer for sale. It outlines the total authorized share capital, the issued and paid-up share capital, and the details regarding the offer structure which includes employee and shareholder reservation portions. Furthermore, the section provides a history of various transactions related to the equity share capital and preference shares, including allotments, buy-backs, and bonus issues, as well as information on the shareholding of the promoter group, Coal India Limited.

The section details the shareholding of the company's promoters and the Promoter Group as of the date of the Draft Red Herring Prospectus. Coal India Limited holds a significant portion of the equity shares, and there are specific provisions regarding minimum promoters' contribution and lock-in periods for certain equity shares. Furthermore, the text specifies conditions regarding the non-disposal of the Minimum Promoters' Contribution and confirms that certain equity shares are not subject to pledge or encumbrance.

The section details various aspects of the capital structure, including promoter shareholding and restrictions on transactions. It specifies the number of equity shares held by Coal India Limited as a promoter, and clarifies that certain transactions and future issues are restricted. Furthermore, it outlines conditions regarding the transfer of equity shares and the participation of promoters in the offer.

The objects of the offer primarily involve carrying out an Offer for Sale of equity shares and achieving the benefits of listing these shares on the Stock Exchanges. The company anticipates that the listing will improve its visibility and brand image, while also provide liquidity and a public market for the equity shares in India. The section details the various expenses associated with the offer, which are to be borne by the Selling Shareholder, and provides a breakdown of these estimated expenses across different activities.

The section details various financial and operational Key Performance Indicators (KPIs) that the company uses to analyze and monitor its business performance. It outlines the calculation methods for these KPIs, including financial indicators like revenue, EBITDA, profit after tax, and various operational metrics such as coal production, stripping ratio, and manpower. The text also clarifies the limitations of these KPIs and notes that they are supplemental to the Restated Consolidated Financial Information.

This section provides financial and operational performance indicators for three different companies: Mahanadi Coalfields Limited, Coal India Limited, and Bharat Coking Coal Limited, alongside data for National Mineral Development Corporation, PT Bukit Asam (Persero) Tbk, and Yancoal Australia Limited. The data includes various metrics such as revenue, EBITDA, profit after tax, capital expenditure, and production/dispatch figures. Furthermore, the text details information regarding the weighted average cost of acquisition and floor/cap prices for share transactions.

The section discusses the justification for the Offer Price/Cap Price relative to the weighted average cost of acquiring equity shares, referencing financial ratios and KPIs for various fiscal years and periods. It also covers a statement on possible special tax benefits available to the company and its shareholders under various direct and indirect tax laws in India. The benefits discussed are contingent upon the company and shareholders fulfilling prescribed conditions.

This section details the scope of the independent auditor's examination report on the restated consolidated financial information of Mahanadi Coalfields Limited and its subsidiaries for inclusion in the Draft Red Herring Prospectus (DRHP). The report covers financial statements for various periods, including three-month periods and full years, and outlines the reliance placed on the audit reports of other auditors for certain subsidiaries. The report also draws attention to several matters, including the going concern status of a subsidiary, differences in depreciation useful lives, contingent liabilities, and provisions related to executive pay scale revisions and interest income.

This section details various qualifications, observations, and matters related to the financial statements, including reliance on other auditors, issues concerning insurance coverage, accounting treatments for various items like revenue and depreciation, and pending tax refunds. It also covers changes in accounting policies, issues with inflated mileage recognition, and various reconciliations and verification processes for debtors, creditors, and tax liabilities.

This section presents the restated consolidated statement of assets and liabilities, equity and liabilities, and the profit and loss statement for Mahanadi Coalfields Limited across different periods. The data includes figures in ₹ Million and covers periods ending in June 2026, March 2026, and March 2025, as well as the year ended March 2024. Key components such as non-current assets, current assets, total assets, equity, and various liabilities are detailed.

This section presents the Restated Consolidated Statement of Profit & Loss for different periods, including three months ended June 30, 2026, June 30, 2025, and the full years ended March 31, 2026, March 31, 2025, and March 31, 2024. It also details changes in equity share capital and various balances within Other Equity, such as Reserves and Surplus, across different dates.

This section details the Restated Consolidated Statement of Cash Flows for Mahanadi Coalfields Limited across different periods, including quarterly and annual figures. The data covers cash flows from operating, investing, and financing activities, with figures presented in ₹ Million. Key components include profit before tax, various adjustments, cash generated from operations, net cash flows from operating activities, and cash flows related to property, plant and equipment, and borrowings.

This section details the restated consolidated statement of cash flows for Mahanadi Coalfields Limited across different periods, including three months, and for the years ending March 31, 2026, March 31, 2025, and March 31, 2024. It also includes notes on corporate information, compliance with Indian Accounting Standards (Ind AS), and various accounting policies regarding the consolidation of subsidiaries, associates, and joint arrangements.

This section details various accounting treatments related to investments, changes in ownership interests, and revenue recognition policies. It outlines how unrealized gains and losses on transactions with joint ventures are handled, the recognition of profits and losses from equity method investments, and the accounting for changes in ownership stakes. Furthermore, the text specifies criteria for classifying assets and liabilities as current or non-current based on the operating cycle, and provides detailed principles for revenue recognition, interest income, dividends, and other claims, as well as the recognition of government grants.

This section details various accounting treatments related to government grants, leases, and assets held for sale within the financial statements. It outlines how different types of grants are recognized in the Profit and Loss statement depending on the nature of the grant. The text also defines criteria for classifying contracts as leases, distinguishing between group as a lessee and lessor, and specifies the accounting for lease liabilities and right-of-use assets. Furthermore, it describes the criteria for classifying non-current assets as held for sale and the subsequent measurement of these assets.

This section details various accounting treatments for Property, Plant and Equipment (PPE), Mine Closure obligations, Exploration and Evaluation assets, Other Mining Infrastructure, and Intangible Assets. It outlines criteria for recognizing assets, measuring costs, depreciation methods, and the subsequent treatment of these assets, including impairment and disposal. Furthermore, it describes the process for estimating and provisioning for mine closure and site restoration liabilities, including the use of discounting and escrow accounts. The text also covers the criteria for determining when a project/mine is brought to revenue and the subsequent reclassification and amortization of assets.

This section details various accounting treatments related to intangible assets, investment property, financial instruments, and the subsequent measurement and derecognition of financial assets. It outlines criteria for capitalization, amortization, impairment testing, and how different classes of financial assets are classified and measured based on business models and contractual terms. Specific rules are provided for initial recognition, subsequent measurement, and the recognition of gains and losses in the profit or loss and other comprehensive income.

This section details various accounting treatments related to financial liabilities, cash, borrowing costs, taxation, and employee benefits as per accounting standards. It outlines the recognition, measurement, and derecognition of financial liabilities, including classifications like held for trading versus amortised cost. The text also covers the treatment of financial assets and liabilities, offsetting instruments, fair value measurement levels, and the recognition of current and deferred tax. Finally, it describes the accounting for short-term and post-employment employee benefits, including defined contribution and defined benefit plans.

This section details various accounting treatments and judgments related to the financial statements, covering long-term employee benefits, foreign currency transactions, stripping activity, inventories, provisions, contingent liabilities, and the process of making management estimates and assumptions. It outlines how different accounting policies are formulated, including considerations for relevance, reliability, neutrality, prudence, and completeness. The text also discusses the reliance on various accounting standards and industry practices in the absence of specific standards, and the process for reviewing and revising accounting estimates.

This section details various accounting policies, assumptions, and provisions related to the financial statements. It covers treatment of errors and omissions, the classification of operating leases, considerations for impairment of non-financial assets, the recognition of deferred tax assets, accounting for defined benefit plans, and provisions for mine closure and site restoration. Furthermore, it provides extensive tables showing the movement in Property, Plant and Equipment over several fiscal years, including additions, deletions, and net carrying amounts.

This section details the movement in accumulated impairment for various types of immovable properties, including Freehold Land, Other Land, and various assets like Building, Plant and Equipment, and infrastructure. It also provides extensive data on Capital Work in Progress (CWIP), showing gross carrying amounts, additions, capitalisation/deletions, and resulting balances at different reporting dates. The data spans from 1st April 2023 to June 2026, tracking changes in these asset categories over time.

This section details various project-related financial data, including the status of different infrastructure projects and the movement of exploration and evaluation assets over time. It provides figures related to projects in progress, amounts in capital work in progress, and various adjustments related to impairment and charge for the year across different reporting periods.

This section primarily details the movement and valuation of Intangible Assets, specifically related to Exploration and Evaluation, over various periods. It provides figures for projects in progress and temporarily suspended across different ageing schedules. Furthermore, it presents detailed schedules for Accumulated Amortisation and Impairment, showing charges for the year and adjustments, as well as the net carrying amount of these assets at different balance sheet dates.

This section details various financial and investment figures for the company, including intangible assets under development, investments, and loans. It presents carrying amounts for intangible assets over several periods, details of investments in mutual funds, and various loans categorized as current and non-current. The data spans from March 2024 to June 2026, showing fluctuations in these balances.

This section details various financial notes, including provisions for doubtful loans, trade receivables aging schedules, and cash and cash equivalents. It presents comparative data for trade receivables across different time periods, showing movements in various categories like undisputed, credit-impaired, and disputed receivables. Furthermore, it outlines the balances of cash, bank deposits, and other financial assets, distinguishing between current and non-current items.

This section details various financial notes, including balances for deposits, lease receivables, and inventories, across different fiscal periods. It shows movements in various accounts such as current account balances, interest accrued, and various deposit/receivable balances. Furthermore, it outlines provisions for doubtful deposits and receivables, details regarding deposits under a Mine Closure Plan, and information on lease income and carrying values of operating lease assets.

This section details various non-current and current assets, including capital advances, deposits, and provisions for doubtful amounts, as of different reporting dates. It also shows movements in various reserves, such as Capital Redemption Reserve, General Reserve, and Retained Earnings, along with income and appropriations. Furthermore, the section lists details regarding borrowings, including term loans and current maturities of long-term borrowings from various sources.

This section details various financial notes related to loan guarantees, lease liabilities, trade payables, and the carrying value of right-of-use assets for MAHANADI COALFIELDS LIMITED. It provides historical and future balances for finance lease liabilities, maturity analysis of lease liabilities, changes in the carrying value of right-of-use assets, and various trade payables categories. The notes also clarify the nature of guarantees provided by the Government of India and the terms under which leases are classified and accounted for.

This section details various financial balances and provisions for Mahanadi Coalfields Limited across different reporting dates. It includes breakdowns for outstanding amounts, other financial liabilities, provisions for employee benefits, and provisions for site restoration/mine closure. The data is presented in columns corresponding to different time periods, such as 'Less than 1 year', '1-2 Years', '2-3 years', and 'Total'.

This section details various notes related to the financial statements, including deferred tax assets and liabilities, revenue recognition, cost of materials, inventory changes, and employee benefit expenses. It presents comparative data across different periods, including quarterly and annual figures, for items such as revenue from operations, various operating revenues, and costs incurred. The data is presented in millions of Indian Rupees (₹ Million).

This section details various financial notes for Mahanadi Coalfields Limited, covering provisions, depreciation, contractual expenses, other expenses, tax expenses, and other comprehensive income. The data is presented for three months ended June 30, 2026, and for the years ended March 31, 2026, March 31, 2025, and March 31, 2024. Key components include various costs related to employee benefits, assets, and operational activities.

This section details various notes related to the financial statements, including CSR expenses, reconciliation of CSR expenses, unspent amounts, and provisions for liability of CSR expenses. It presents comparative data for different financial years, showing amounts recognized in the Profit & Loss statement, amounts spent, and opening and closing balances for various items. Furthermore, it includes a detailed breakdown of contingent liabilities against different government and public sector entities.

This section presents detailed financial data for Mahanadi Coalfields Limited, including various line items categorized by government sector, covering different reporting periods. It includes breakdowns of various taxes, duties, and other charges, along with information on contingent liabilities, guarantees, and commitments. Furthermore, it discusses pending litigation, the status of environmental clearance issues, and details regarding the group's related party structure.

This section primarily details the various trusts, board members, and key managerial personnel associated with Mahanadi Coalfields Limited and its subsidiaries, including various benefit funds and statutory bodies. It lists individuals like directors, company secretaries, and officers along with their respective designations and tenure periods. The text also lists the board members as they were on a specific date, such as June 30, 2026, and details the composition of the board as of June 30, 2025.

This section provides various notes related to the restated consolidated financial information for Mahanadi Coalfields Limited and related entities, detailing changes in directorships and company personnel. It lists various individuals and their designations across different reporting periods, which is crucial for understanding the governance structure during the financial reporting cycles.

This section primarily details various financial and related party disclosures for Mahanadi Coalfields Limited, including remuneration details, outstanding balances with Key Managerial Personnel, related party transactions within the group, and information regarding transactions with CMPDIL. It provides comparative data across different fiscal periods for these items. It also outlines the nature of transactions with other government-related entities and specifies the terms under which related party transactions are conducted.

This section details various notes related to the financial statements, including construction projects, land leases, and the treatment of subsidiaries and joint ventures for consolidation purposes. It mentions the construction of an institute, impairment charges due to damages, and details regarding land transactions, including issues with local authorities. Furthermore, it outlines the treatment of compensation payments related to land transfers and the deallocation of coal blocks, as well as the accounting for various subsidiaries and joint ventures.

This section presents various financial data points for Mahanadi Coalfields Limited as of March 31, 2024, including figures related to consolidated profit or loss and net assets. It also details fair value measurements for financial instruments across different reporting dates and classifications, including financial assets and liabilities. The data includes breakdowns of various financial instruments and liabilities, categorized into different fair value hierarchies.

This section details various aspects of financial risk management, including credit risk, liquidity risk, and market risk exposure for Mahanadi Coalfields Limited. It outlines how different risks are managed through various policies and guidelines, such as those from the Department of Public Enterprises (DPE). The text discusses how trade receivables are managed through financial assurances like Security Deposits, and how interest rate risk is managed by maintaining deposits at fixed rates. Furthermore, it covers the treatment of various employee benefits, including gratuity, post-retirement medical benefits, and defined contribution plans.

This section details various provisions related to employee benefits and insurance schemes, including Life Cover Scheme (LCS), various compensation benefits, and funding status of defined benefit plans. It outlines specific amounts paid for death in service, mine accident benefits, settlement allowances, and travel assistance. Furthermore, it provides actuarial provisions and tables detailing the movement of actuarial liabilities and assets over different reporting periods, including profit and loss components and net balance sheet positions.

This section details the financial information related to the Gratuity scheme, including liability breakdowns, funding arrangements, and sensitive analysis assumptions. It outlines various components of the defined benefit cost, such as service costs, interest components, and actuarial gains and losses. The data covers financial positions across different years and includes assumptions regarding discount rates and salary escalation rates used in the modeling.

This section provides additional notes related to the financial information, primarily focusing on actuarial and liability disclosures for a defined benefit plan. It details expected benefit payments over various future years, the breakdown of current and non-current liabilities, and various assumptions used in the calculation of the defined benefit obligation (DBO). The notes also cover the characteristics and risks associated with the leave scheme, including interest rate, salary inflation, demographic, and change in leave balances risks.

This section details various actuarial assumptions and sensitivity analyses concerning the defined benefit plan, including expected benefit payments for future years and the characteristics of the plan. It outlines risks such as interest rate risk, medical inflation risk, and demographic risk, noting how the plan design mitigates some of these risks. Furthermore, it describes the funding structure, which involves a separate irrevocable Trust, and the investment strategy for the Trust assets. The text also provides details on mortality rates and the medical benefits considered for retired employees.

This section details various compliance notes, including confirmations with banks, procedures for handling transactions with other parties, and disclosures regarding regulatory adherence. It confirms that the Group operates within the framework of various laws and accounting standards, noting that certain guidance notes from the ICAI and SEBI ICDR Regulations have been incorporated into the financial statement preparation.

This section details various adjustments and financial information related to the restated consolidated financial statements for Mahanadi Coalfields Limited, including changes in line items and provisions. It includes a statement of cash flows, reconciliation between audited and restated total comprehensive profit, and various accounting ratios. The text also provides notes on the calculation of these ratios and disclaimers regarding the use of the audited financial statements.

This section details the company's capitalization as of June 30, 2026, and outlines various aspects of its financial indebtedness. The company has aggregated outstanding borrowings amounting to ₹47.38 Crore as of June 30, 2026, categorized into fund-based and non-fund based borrowings. Furthermore, the text provides details on the industry-wise sales dispatch volume and value for the three months ended June 30, 2026, comparing it against previous periods and fiscal years. It also discusses the critical role of coal in India's energy sector and projections for coal demand.

This section details various aspects of the company's operations, including capacity utilization, sales volumes, pricing mechanisms, and financial performance metrics. It highlights that revenue is heavily dependent on the sale of raw non-coking coal, and it provides extensive data on production capacity against actual output. Furthermore, the text outlines different routes for coal dispatch and various contractual expenses, alongside key financial ratios like EBITDA margins.

This section details various financial reconciliations and ratios for the company over different periods, including Profit & Loss, Balance Sheet, and Cash Flow components. It provides figures for Profit for the period, Total Income, PAT Margin, Current Ratio, Earnings Before Interest and Tax (EBIT), Return on Average Capital Employed, and Return on Net Worth. The text also outlines accounting policies regarding the consolidation of subsidiaries, the treatment of various business combinations, and the classification of current and non-current assets and liabilities.

This section details various accounting treatments for different financial items, including dividends, government grants, leases, property, plant, and equipment (PPE), and intangible assets. It outlines recognition criteria for various items such as grants, leases, and assets for sale, and specifies the accounting for depreciation, impairment, and disposal of assets. Furthermore, it covers provisions for mine closure and site restoration obligations, as well as the capitalization and amortization of exploration and evaluation costs and intangible assets.

This section details various accounting treatments and measurement principles for different financial instruments and assets as per accounting standards. It covers impairment testing for intangible assets, classification and measurement of investment property, definitions for financial instruments, and subsequent measurement rules for various debt instruments, including amortised cost, fair value through other comprehensive income (FVTOCI), and fair value through profit or loss (FVTPL). The text also outlines rules for derecognition of financial assets, the recognition of impairment losses under an expected credit loss (ECL) model, and the accounting for financial liabilities, including their classification and subsequent measurement.

This section details various aspects of employee benefits, foreign currency transactions, stripping activity accounting, inventories, provisions, and management's judgments and assumptions in preparing the financial statements. It outlines specific accounting treatments for short-term and post-employment benefits, how foreign currency transactions are recognized, the accounting for stripping costs in mining operations, and the valuation of various assets and liabilities.

This section details the components of the financial statements, including various income and expense categories, and presents a comparison of financial results over different periods. Revenue from operations showed an increase, driven by higher sales of products and services, as well as increased evacuation facility charges and compensation income. Other income also saw a significant rise due to increased interest income and gains on the sale of mutual funds. Expenses included increases in cost of materials consumed and contractual expenses, while employee benefits expenses decreased, and depreciation/amortization/impairment decreased.

The financial performance showed fluctuations between fiscal years, with revenue decreasing in the most recent period, primarily driven by a decline in the sale of products and services. Operating revenues saw a decrease, while other income showed significant growth. Expenses included changes in cost of materials, employee benefits, finance costs, and depreciation. Other expenses also showed changes related to various operational factors and regulatory changes. Profit before tax experienced a slight increase in the most recent fiscal year, while tax expense showed a decrease.

The financial performance showed a decrease in profit for the period, which was partially offset by a reduction in current tax and MAT credit. Various financial and contingent liability components were presented across different fiscal years, detailing changes in assets, liabilities, and cash flows. Cash flows from operating activities showed significant fluctuations, with substantial net cash generation in Fiscal 2026 compared to previous years. Contingent liabilities were analyzed as a percentage of Net Worth.

This section details various commitments, capital expenditures, and aspects related to the financial reporting and risk disclosures of the company. It outlines commitments for contract execution, lists capital expenditures across different fiscal years, and discusses various risk factors concerning credit, liquidity, market, and economic changes. Furthermore, it addresses dependencies on customers and suppliers, and the status of the auditors' reports.

Investors should be aware of several material risks associated with the investment. Risks include the uncertainty in the accuracy of reported resources and reserves, the use of non-standard Indian Standard Procedure (ISP) guidelines for resource classification, and the reliance on industry reports for market data. Furthermore, the business is heavily dependent on the thermal power sector, which faces risks from fluctuations in energy demand, fuel prices, and regulatory changes. Revenue streams from government-owned utilities also expose the company to regulatory scrutiny and potential delays in receivables.

The company faces several risks related to its dealings with government-owned entities, including potential regulatory scrutiny and delays in receiving payments. The company's operations are heavily dependent on its relationship with Coal India Limited, including reliance on its resources and potential strategic misalignment. Furthermore, the company is exposed to risks from secondment arrangements with Coal India Limited's executives, which can lead to industrial unrest or increased employee costs. Significant revenue is tied to a small number of key customers, and there is a dependency on third-party contractors for various operating activities, which introduces risks related to contractual performance and potential disruptions. The company's ability to negotiate coal distribution is heavily influenced by the evolving regulatory framework set by the Government of India.

The company faces significant risks related to operational hazards, including the inherent dangers of mining activities such as fire, gas explosions, and machinery movement, which can cause serious injuries or death. The company is subject to extensive governmental regulations concerning employee safety and health, and non-compliance could lead to operational shutdowns or liabilities. Furthermore, there is exposure to counterparty credit risk from customers who may delay or fail to make payments, and risks associated with the volatility of coal pricing in the market. The company also lacks adequate insurance coverage for various risks and faces potential liabilities from accidents or natural disasters.

The company faces risks related to employee benefits, which could negatively impact financial results depending on factors like competition, attrition, inflation, or changes in government laws. There is also a risk associated with trade union activity and labour disputes that could cause production disruptions and increase costs. Furthermore, the company's coal quality is noted as being lower than competitors due to the concentration in lower-grade non-coking coal, which may lead to lower realizations. Dependence on external suppliers for materials exposes the company to price volatility and supply disruptions. Risks also exist concerning environmental and climate-related requirements, which could lead to reduced demand or increased compliance costs. Finally, the company is exposed to risks from legal and regulatory proceedings, as well as potential issues with the maintenance and obsolescence of its machinery and equipment.

The company faces risks related to the finite nature of its coal reserves in the Talcher and Ib Valley coalfields, which could negatively impact its business and financial performance. Operations are also vulnerable to natural disasters, seasonal variations like monsoon rains, and extreme temperatures, which can disrupt mining activities and increase costs. Furthermore, the company is subject to various regulatory requirements concerning mine closure obligations, and there is a risk associated with the execution of planned washery expansion projects. The diversification into new business verticals, such as coal gasification and renewable energy, is subject to significant regulatory and market risks, and there is competition within the Indian coal industry.

The company has faced issues related to groundwater penalties, although no contamination instances have been reported since early 2023. There is ongoing work for various approvals and licenses, and there is no assurance that these will be granted or renewed in a timely manner. Furthermore, changes in taxation or governmental policies concerning the coal sector could negatively impact pricing and demand. The company is dependent on various transportation infrastructure, and shortages in transportation capacity could affect its ability to supply coal. There are also concerns regarding the control exerted by the Government of India through its ownership of the company, which may restrict diversification or strategic decisions.

The provided text highlights several deficiencies in the company's financial statement disclosures across various areas. These include issues related to the capitalization of Property, Plant & Equipment, non-disclosure of land mutation details, inadequate treatment of contingent liabilities, and inconsistencies in accounting policies for stripping activity and land acquisition compensation. Furthermore, there are concerns regarding the reliability of accounting estimates for Input Tax Credit Receivable and the lack of uniform accounting policies among group subsidiaries.

This section details several financial and compliance observations across the company's consolidated statements. Risks include issues related to the treatment of Property, Plant and Equipment depreciation, pending legal appeals, and issues concerning the audit reliance on subsidiary statements. Furthermore, there are concerns regarding the lack of insurance coverage for company assets, various issues with revenue recognition, delayed invoicing for performance incentives, and pending income tax refunds. Finally, the text touches upon the complexities of applying labour codes and the treatment of Input Tax Credit on capital expenditures.

The company faces several risks related to asset verification, outstanding payments, and internal controls. These include issues with the operational life of parts, outstanding clearing account balances, and lack of insurance coverage for assets. There are also concerns regarding the identification of transactions with strike-off companies and outstanding amounts owed to MSME creditors. Furthermore, the company is exposed to risks from changes in the macroeconomic environment, evolving laws and regulations, and potential disruptions from natural or man-made disasters. Finally, there are concerns about the comparability of financial measures and the potential impact of competition laws.

The company faces various risks related to regulatory scrutiny, including potential issues with competition law enforcement and anti-bribery laws, which could negatively impact its business and financial condition. There are also risks concerning the enforceability of foreign court judgments against the company and its officers in India. Furthermore, the company is exposed to risks from inflation, which could erode profit margins by making it difficult to pass on costs to customers. Risks also exist regarding the volatility of the stock market and the uncertainty surrounding the listing process and the ability of investors to sell shares.

The company's securities are susceptible to triggering surveillance measures by SEBI and Stock Exchanges based on various political or economic factors. These measures could involve restrictions on trading, such as limiting the frequency of trades or freezing prices, which might negatively impact the market price or disrupt the trading of the equity shares.

The section outlines various legal and regulatory matters concerning the Company, including criminal proceedings, actions by statutory and regulatory authorities, and disputes related to land acquisition and mineral rights. This includes multiple complaints and FIRs filed by the Company against individuals, disputes over the vacation of employee quarters, and litigation concerning the alleged trespass and unauthorized construction on company property. Furthermore, there are pending disputes with various government bodies regarding mineral royalty demands and challenges to the Company's rights under various mining and land laws.

The section details numerous legal and regulatory proceedings involving the Company, its employees, and its corporate promoter across various domains. These include demands from the Deputy Director of Mines regarding coal extraction, multiple complaints filed by the Collector concerning environmental violations, various complaints under the Contract Labour Act, and proceedings related to explosives licensing. Furthermore, there are significant tax proceedings involving the Company, as well as numerous competition law cases where Coal India Limited and its subsidiaries have faced allegations of abusing dominant market positions.

The section details various legal and regulatory proceedings involving Coal India Limited and its subsidiaries, primarily concerning competition law violations related to fuel supply agreements and coal supply. Several cases have involved appeals and transfer petitions before the Competition Appellate Tribunal (COMPAT) and the National Company Law Appellate Tribunal (NCLAT), with subsequent actions by the Supreme Court regarding the jurisdiction of the Competition Act. Furthermore, the text lists various fines imposed by stock exchanges and tax proceedings against the Corporate Promoter, as well as outstanding dues to various creditors. The section also covers numerous approvals and licenses required for various business operations, including those related to mines and a washery.

The section explicitly states that the Company has not identified any group companies under Schedule VI, Part A, Paragraph 13(A) of the SEBI ICDR Regulations.

The section details various approvals and compliance confirmations related to the offer process. The Board approved the Draft Red Herring Prospectus and Abridged Prospectus. It confirms that the Promoter Selling Shareholder has authorized the sale of Equity Shares, which were held for at least one year prior to the filing and are eligible for the Offer for Sale. Furthermore, the company has received in-principle approvals from the BSE and NSE for the listing of the Equity Shares.

The section primarily discusses the procedural aspects related to the submission of the Draft Red Herring Prospectus (DRHP) to stock exchanges and the subsequent inclusion of disclaimer clauses. It outlines the requirement for obtaining necessary consents from various parties, including promoters, directors, auditors, and various consultants, before filing the DRHP with the Registrar of Companies (RoC). Furthermore, the text details various aspects concerning capital issues, including the history of public issues and the price information of past issues handled by various Book Running Lead Managers (BRLMs).

This section details various aspects related to past public issues, including the performance of different IPOs over various financial years, and information regarding the track record of various Book Running Lead Managers (BRLMs). It also outlines mechanisms for the redressal of investor grievances, specifying timelines for record retention and procedures for addressing issues related to allotment and fund blocking.

The section details various compensation mechanisms for investors regarding delays in unblocking funds, including different scenarios for cancelled, withdrawn, or deleted applications, and various penalties for blocking amounts. It specifies compensation rates based on the Bid Amount, either as a fixed daily amount or a percentage of the Bid Amount, depending on the nature of the delay. Furthermore, it outlines procedures for resolving investor grievances, including applying for authentication on the SCORES and estimating the time required for grievance redressal. The text also covers aspects related to the offer process, such as the terms of the offer, the ranking of equity shares, and the mode of payment for dividends.

This section details the indicative timetable for an offer, outlining various milestones such as the closing date, finalization of allotment basis, fund unblocking, and commencement of trading. It also specifies penalties for delays in unblocking amounts from ASBA accounts, depending on the nature of the delay. Furthermore, it outlines conditions under which processing fees for UPI bids can be released and clarifies that the timetable is indicative and not a binding obligation on the company. The text also discusses the process for handling discrepancies in bid data and the company's right to revise the price band during the offer period.

This section details various aspects of the offer process, including different bidder categories such as Eligible Employees, QIBs, Non-Institutional Bidders, and Retail Individual Bidders, along with specific rules for bidding and allotment. It outlines rules regarding bid amounts, allocation proportions, and the handling of under-subscription across different offer portions. Furthermore, it specifies procedures for bid processing, including the use of the ASBA process and the handling of bids from various financial institutions and investors.

This section details various procedural aspects related to the public offering, including the use of different payment mechanisms like UPI and ASBA, and the timelines for listing. It outlines that certain SEBI circulars have introduced changes to streamline the process, such as reducing the listing time from six to three working days. Furthermore, it specifies requirements for investor grievances, including timelines for unblocking funds and compensation for delays. The section also covers the rules for allocating shares based on different bidder categories and the requirements for submitting bid forms.

This section details various rules and restrictions concerning who is eligible to bid in the Offer, including different categories such as Mutual Funds, HUFs, Eligible NRIs, FPIs, SEBI-registered AIFs, and various institutional and individual investors. It outlines specific requirements for documentation, such as SEBI registration certificates or proof of corporate registration, depending on the bidder type. Furthermore, it specifies limits on investment, such as the percentage of equity shares that can be held, and rules regarding the treatment of multiple bids from certain entities.

This section details various procedural requirements and restrictions concerning bids and applications, categorized by the type of bidder (e.g., power of attorney holders, Anchor Investors, QIBs, Retail Individual Bidders). It outlines conditions for participation, such as the required documentation, minimum bid amounts, and rules for aggregating bids from different mutual funds. Furthermore, it specifies strict guidelines for electronic bidding, including the use of designated intermediaries, the linking of PAN with Aadhaar, and the proper handling of funds through ASBA accounts or UPI mechanisms.

This section primarily outlines various instructions and prohibitions related to the submission of Bid cum Application Forms, focusing on ensuring compliance with rules regarding bid amounts, documentation, and designated intermediaries. It details technical grounds for the rejection of bids, including issues related to the blocking of funds, the format of submitted forms, and the use of certain payment mechanisms. Furthermore, the text discusses undertakings by the company and the promoter selling shareholder concerning the collection of bid forms, handling of complaints, and the transfer of funds received from the offer.

The section discusses various regulations concerning foreign investment in Indian securities, primarily governed by the Industrial Policy, 1991, and FEMA. It outlines that while foreign investment is generally permitted without prior approvals in certain sectors, specific procedures must be followed. It details conditions under which the transfer of shares between an Indian resident and a non-resident does not require RBI approval, contingent on certain criteria being met. Furthermore, it describes restrictions on investments by entities from countries sharing a land border with India, which may require prior government approval under the FDI Policy and FEMA Rules.

This section primarily deals with definitions related to various legal and financial terms, such as 'Dematerialization', 'Depositories Act', 'Depository', 'Registered Owner', 'Registrar and Transfer Agent' (RTA), and 'SEBI'. It also outlines provisions concerning the management of the company, the nature of its public company status, and the provisions regarding share capital, including the power to increase or reduce capital and the manner in which shares can be divided. Furthermore, the text details rules for the transfer and transmission of shares, including conditions under which transfers may be refused, and procedures for the issuance of new shares.

This section details various provisions related to the conversion of debentures or loans into shares, the rights and privileges attached to new shares, and the procedures for dealing with calls, liens, and forfeiture of shares. It outlines the Board's powers regarding the disposal of shares, the conditions under which certain securities can be issued, and the process for enforcing payments or forfeiting shares due to non-payment. Furthermore, it covers provisions concerning the lock-in of equity shares and the power to issue sweat equity shares to employees or directors.

This section primarily details the provisions related to the dematerialization of securities, the rights of subscribers, and the handling of various corporate actions. It outlines procedures for securities held in a depository, including the option for subscribers to receive physical certificates, and the company's obligation to intimate allotment details to the depository. Furthermore, the text covers aspects of underwriting, brokerage commissions, the terms for issuing various securities, and the maintenance of registers of members and charges.

This section details various provisions related to the composition, appointment, and removal of directors, including provisions for functional directors, additional directors, and nominee directors. It outlines the power of the President to appoint certain directors and the Board's authority regarding the entrustment of powers. Furthermore, the text covers rules concerning remuneration for directors, the conduct of directors in relation to contracts with the company, and various disclosure requirements for directors concerning their interests in other corporate bodies.

This section primarily outlines various procedural and substantive powers vested in the Board of Directors and the Company itself. It details requirements for registers concerning contracts with interested directors and details regarding the notice periods and procedures for conducting Board meetings. Furthermore, it specifies the rules for participation in meetings through electronic modes and the requirements for documenting and circulating minutes of proceedings. The text also covers the Board's powers to borrow money, invest, and acquire property, as well as its authority to secure contracts through mortgages or charges.

This section details various powers and responsibilities vested in the Board of Directors, including the authority to sub-delegate powers, appoint trustees, institute legal proceedings, and manage company finances. It outlines powers related to investments, contracts, insurance, and handling of company monies. Furthermore, it covers provisions for employee welfare, dealing with bankrupts, and establishing local boards. The text also specifies rules regarding the division of profits and dividends, as well as provisions for a vigil mechanism and director duties.

This section outlines various provisions related to unclaimed or unpaid dividends, including procedures for transferring such amounts to an Investor Education and Protection Fund or a special account, and interest accrual for defaults. It also details the process for transferring shares where dividends remain unpaid for seven years to the Investor Education and Protection Fund. Furthermore, the text covers rules regarding the inspection of company accounts and books by members, requirements for the Board to seek revised financial statements if they do not comply with certain provisions of the Act, and the appointment of statutory and secretarial auditors.

This section details various consents, reports, and agreements related to the Draft Red Herring Prospectus, primarily involving statutory auditors, company secretaries, technical consultants, and regulatory filings. It includes written consents from M/s Kadmawala & Co. for certain roles, reports from Statutory Auditors concerning financial information and tax benefits, and agreements with various entities for the offer process. Furthermore, it mentions various agreements with NSDL and CDSL, due diligence certificates from BRLMs, and in-principle listing approvals from the BSE and NSE.

The provided section consists entirely of declarations from various company directors and the promoter selling shareholder affirming compliance with various laws and regulations. These declarations certify that the statements, disclosures, and undertakings made in the Draft Red Herring Prospectus are true and correct and comply with provisions of the Companies Act, 2013, and rules issued by the Government of India and the Securities and Exchange Board of India. The declarations are signed by a Part-time Director, another Part-time Director, the Chief Financial Officer, and the Director (Business Development) of Coal India Limited.

This section summarizes related party transactions entered into by the Company with various parties for fiscal years 2024, 2025, and 2026, as well as for the three-month periods ending June 30, 2025, and June 30, 2026. The disclosures detail transactions involving entities such as Coal India Limited and various Coalfields Limited subsidiaries, including charges, payments, and balances. The data is presented across different fiscal periods, showing the transactions as a percentage of revenue from operations.

This section primarily details the appointment of various professionals and the process for the book-building of the offer. It lists the appointment of a Statutory Auditor, various roles for Book Running Lead Managers (BRLMs) in different activities, and outlines the procedures for collecting bids, including the use of various banking and brokerage networks. Furthermore, it discusses the proposed Underwriting Agreement and the process for determining the final offer price and allocation of equity shares.

The company's Board of Directors comprises six members, including four Executive Directors and two Non-Executive Directors nominated by the Ministry of Coal, Government of India. The composition of the board is subject to certain restrictions based on guidelines from the Ministry of Coal. Key personnel include the Chairman cum Managing Director, Director (Finance), Director (HR), Director (Technical), a Part-time Director, and another Part-time Director. Details regarding the appointment terms, remuneration, and prior associations of the directors are provided.

The section outlines various disclosures regarding the interests of the Directors and the relationship between the Directors and Key Managerial Personnel and Senior Management. It confirms that no Directors have undisclosed interests in the company's business, property transactions, or loans from the company. Furthermore, it details the board's structure, including the composition of various committees, and clarifies the applicability of different regulatory provisions based on the company's status as a government company.

The provided text outlines various functions related to director appointments, policies, and committees, including the Stakeholders’ Relationship Committee, the Corporate Social Responsibility & Sustainable Development Committee, and the Risk Management Committee. It details the scope of work for these committees, which involves grievance redressal, CSR policy formulation, and risk management frameworks. The text also mentions various regulatory compliance aspects concerning securities laws and the delegation of powers to employees and external parties.

The section details the Key Managerial Personnel (KMP) and Senior Management of the company, including their roles and qualifications. Soubhagya Parida is the Company Secretary and Compliance Officer, and Bhagabat Nayak is the Chief Financial Officer. Several other senior personnel are listed, including General Managers and Heads of Departments, along with their respective responsibilities and compensation details. The text also clarifies that all listed personnel were appointed by Coal India Limited and that there are no arrangements or understandings with major shareholders, customers, suppliers, or others regarding their appointments. Furthermore, it states that no contingent or deferred compensation is payable to these personnel.

The promoters of the company are identified as the President of India acting through the Ministry of Coal, Government of India, and Coal India Limited. The shareholding structure shows that the President of India's entity holds 61.13% of the equity share capital in the company. Coal India Limited is described as a Maharatna central public sector enterprise, and there have been no changes in its control in the last three years. The company confirms that the permanent details of the corporate promoter will be submitted to the Stock Exchanges at the time of filing the DRHP.

The company's dividend policy is governed by guidelines issued by the Department of Investment and Public Asset Management (DIPAM) and the Department of Economic Affairs, which mandate a minimum annual dividend based on a percentage of PAT or net-worth. The dividend distribution policy was approved by the Board in a meeting held on August 22, 2026. The ability to pay dividends is subject to various factors, including earnings, guidelines from the Department of Public Enterprises, capital requirements, and the overall financial position of the company. The text also details historical dividend payments across different fiscal periods.